The ink isn't even dry, but already the squawking can be heard about President Bush's new five-year budget plan and the "exploding" deficits it contains. As usual, it's a case of misdirection to keep the blame-game going so Americans don't focus on what's NOT being addressed in Washington. To put the 'exploding' deficits in perspective:
> The Bush-projected '08/'09 deficits will amount to about 2.9 percent and 2.7 percent of gross domestic product (GDP), up from about 1.2 percent this year, but about in line with the average -- 2.6 percent -- since 1980.Congress' failure to address our looming entitlements crisis, something that President Bush has brought up repeatedly only to be rebuffed, almost certainly will create a true fiscal crisis sometime in the next decade -- one that won't be papered over by one-time tax hikes, or bogus "spending cuts". This is what we need Congress to focus on and focus now.
> If you take those projections seriously, then you have to look at what is predicted for the outlying years as well; the Bush budget has not only the budget deficit shrinking but disappearing and going into surplus by 2012.
Instead, their most likely action will be to repeal the Bush tax cuts, hitting the average taxpayer with a $1,800 tax hike in 2011 -- enough to sink the economy and drag down government revenues for years to come.
[the only real question is if we'll have a President who will veto such attempts, or encourage them...]
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